Bill > H2502

This bill requires administrators of certain retirement plans offered to employees of political subdivisions of the state to disclose conflicts of interest. Specifically, the bill mandates that plan administrators must disclose the fee ratio and net return for each investment option, as well as the fees paid to any investment advisors providing advice to plan participants. These disclosures must be made upon initial enrollment in the retirement plan and at least annually thereafter. The bill applies to retirement plans created under Section 403(b) of the Internal Revenue Code, which allows certain tax-exempt organizations and public schools to offer retirement savings plans to their employees.